I don't know if you've noticed this, but it's not cheap to get into a new car these days. Though the average new car price has been going "down" over the past few months, it was still around $45,000 in June—and still way up from pre-pandemic times. Plus, sky-high interest rates mean you'll be paying a lot more than you would have a few years ago.
But lately, we've been seeing that one of the cheapest ways to get a new car is to go electric. Many automakers are offering aggressive leasing and financing deals on their EVs amid uneven global demand, in hopes that they can keep last year's momentum going as they build out their long-term electric plans.
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Cheap EV Lease deals
We've seen aggressive lease deals on EVs from Chevrolet, Cadillac, Ford, Kia, Hyundai, Lucid, Toyota and more. If you're shopping for a new car, going electric could save you a lot of money right now.
You can add Ford to that list today. The automaker announced that it's adding a new 24-month lease deal to all Mustang Mach-E models, including 2024 and leftover 2023 ones—I'll get to that in a moment—with more lease cash, plus 0% financing if you'd rather go the buying route. That would include the new Mustang Mach-E Rally, which recently got high marks in our testing.
Considering that the average interest rate for a car loan is between 6% and 7% if you have amazing credit, that's quite a compelling deal.
Ford officials also said that 0% financing deals are also available nationwide right now for 72 months and 60 months on 2023 and 2024 F-150 Lightning models, respectively.
Gallery: 2024 Ford Mustang Mach-E Rally First Drive
But a 24-month lease deal, which includes an additional $7,500 Red Carpet Lease Cash, is especially interesting. Several automakers have extended those two-year lease deals to their EV options; since this technology is evolving so quickly, some customers fear their cars could be "obsolete" in a few years and may want to upgrade sooner.
However, now that the Ford EVs can use an adapter to access the Tesla Supercharger network, they've got an edge that competitors don't. Besides getting positive reviews, the Mach-E's sales were up almost 60% in the first half of 2024 compared to the same period last year. Ford is now the second best-selling EV manufacturer in the U.S. behind Tesla.
Still, Ford's EV sales have been up and down, and the automaker has since adjusted production to align with customer demand; that does mean some new 2023 models are still for sale nationwide. In this case, if you're willing to go with an "older" car, you may be able to score an even better deal. If financed, those Mach-Es can be had with an additional $2,000 off as well.
Contact the author: patrick.george@insideevs.com
